Examlex
A flat firm-level demand curve means:
Inelastic
Describes a situation in which the demand for a good or service is relatively unresponsive to changes in price.
Total-revenue Curve
A graphical representation that shows how a company's total revenue changes in response to changes in the quantity of goods or services sold.
Linear Demand Curve
A representation of the relationship between the price of a good and the quantity demanded, characterized by a constant slope, indicating a steady change in demand relative to price.
Elastic
Describes a situation where the quantity demanded or supplied of a product changes significantly in response to a change in price.
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